Meanwhile, Bank of Canada is scheduled to release its rate decision at 10:00 am ET. The central bank is expected to keep rates steady at 1.75pc, according to a Reuters poll of economists.
Investors will also closely watch Fed Chairman Powell's testimony before the US House of Representatives Financial Services Committee at 10:00 a.m. ET.
Later in the day, the Fed is due to release the minutes from its last policy meeting, in which officials edged toward a rate cut.
September futures on the S&P/TSX index were up 0.26pc at 8:47 a.m. ET.
The Toronto Stock Exchange's S&P/TSX rose 82.26 points, or 0.50 percent, to 16,545.21 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.43pc at 8:47 a.m. ET, while S&P 500 e-mini futures were up 0.45pc and Nasdaq 100 e-mini futures were up 0.78pc.
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Convenience store operator Alimentation Couche-Tard Inc missed analysts' estimates for quarterly profit on Tuesday due to lower fuel sales across North America and Europe as well as higher expenses.
Canada's Bombardier Inc is laying off half of the 1,100 workers at its Thunder Bay, Ontario, railway car plant, BNN Bloomberg reported on Tuesday, citing a federal government source.